Inergy Lp

Inergy, L.P. engages in the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and agricultural customers in the United States. The company owns and operates five natural gas storage facilities comprising Stagecoach, Thomas Corners, Steuben, Seneca Lake, and Tres Palacios; a natural gas liquids business; midstream storage and transportation business; and solution-mining and salt production company. As of October 31, 2011, it served retail customers in 33 states from approximately 338 customer service centers, which have an aggregate of approximately 34.6 million gallons of above-ground propane storage. The company is headquartered in Kansas City, Missouri.

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Key developments for INERGY LP (NRGY)

Inergy, L.P. reported unaudited consolidated earnings results for the first quarter ended December 31, 2011. For the quarter, the company reported adjusted EBITDA of $102.7 million, a decrease of $27.4 million, or approximately 21.1%, from $130.1 million for the quarter ended December 31, 2010. Net loss was $3.6 million and net income $38.5 million in the same quarter of last year. Net income in the quarter ended December 31, 2011, was negatively impacted by $24.9 million of costs related to the early extinguishment of debt. Revenue was $668.6 million against $596 million a year ago. Operating income was $48.1 million against $71.7 million a year ago. Loss before income taxes was $3.5 million against income before income taxes of $38.7 million a year ago. Net loss per diluted unit was $0.03 against net income per diluted unit of $0.72 a year ago. EBITDA was $98.1 million against $118.2 million a year ago. Net cash provided by operating activities was $23.2 million against $20.6 million a year ago. Maintenance capital expenditures was $4 million against $2 million a year ago.

The Board of Directors of Inergy GP, LLC, general partner of Inergy, L.P. announced that it has declared the company's quarterly cash distribution of $0.705 per limited partner unit ($2.82 annually) for the quarter ended December 31, 2011. The distribution will be paid on February 14, 2012, to unit holders of record as of February 7, 2012.

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